Saturn Metals Ltd. · ASX:STN
Saturn Metals — Rule Symposium (July 2026)
28 slides from Saturn Metals's conference presentation, Jul 7, 2026
Slide 1: Apollo Hill Heap Leach Gold: A Scalable Gold Development Opportunity in Western Australia
APOLLO HILL HEAP LEACH GOLD: A Scalable Gold Development Opportunity in Western Australia ASX:STN www.saturnmetals.com.au Ian Bamborough Managing Director 7 July 2026 Rendered Visualisation of Apollo Hill Gold Project PFS Design Drawings
Slide 2: Important Information & Disclaimers
IMPORTANT INFORMATION & DISCLAIMERS The following notices and disclaimers apply to this presentation, and you are therefore advised to read this carefully before reading or making any other use of this presentation or any information contained in this presentation. This presentation has been authori
Slide 3: Apollo Hill Gold Project
APOLLO HILL GOLD PROJECT Large Strategically Located Assets Central strategic position in a world class multi-million ounce gold province 60km south-east of Leonora in Western Australia 2.83Moz Au Mineral Resource1 in a single large deposit – 77% Measured & Indicated Category totalling 2.19Moz A
Slide 4: Corporate Snapshot
CORPORATE SNAPSHOT $400 Market Performance $0.80 Compelling Value – Strong Register $350 $300 $0.70 $0.60 Market Cap. $M Share Price $250 $0.50 $200 $0.40 Corporate Structure $150 $0.30 $100 $0.20 Shares on Issue 547.3M $50 $0.10 Unquoted Options & Performance Rights 24.0M $- $- Market Capitalisatio
Slide 5: Apollo Hill 2.83Moz Gold Mineral Resource
APOLLO HILL 2.83MOZ GOLD MINERAL RESOURCE Big, Single, Simple, Large Selective Mining Unit, Low Unit Cost, Open Pit Shell Apollo Hill December 2025 Maiden Ore Reserve 1,590,000oz (104.6Mt @ 0.47g/t Au at ~0.15g/t Au cut-off) PFS Production Target 1,770,000oz (117.4Mt @ 0.47g/t Au at ~0.15g/t Au cut-
Slide 6: Ore Reserve Update & DFS: Planned by Year End 2026
ORE RESERVE UPDATE & DFS: PLANNED BY YEAR END 2026 These will be underpinned by the recently upgraded 2.83 Moz Mineral Resource • Apollo Hill is Characterised by Strong Resource to PFS Mining Inventory Conversion (79%) • With a 2.83Moz Resource, including 2.19Moz in M&I Categories the deposit is wel
Slide 7: Economies of Scale & Low-Cost Mining
ECONOMIES OF SCALE & LOW-COST MINING From Surface Bulk Mining Low Strip Life of Mine 2.39:1 in PFS Bigger selective mining units (10m benches); Big Equipment PFS Pit Shell A$3,550 (US$2,300) Thick ore zones +100m PFS pit shell to 310m – modest depth by current standards Strong Resource t
Slide 8: Simple Metallurgy – Apollo's Biggest Cost Differentiator
SIMPLE METALLURGY – APOLLO’S BIGGEST COST DIFFERENTIATOR HEAP LEACHING OF FREE GOLD IN QUARTZ Free gold in quartz mineralogy Easy liberation of gold grains from quartz Gold as grains only = easily digestible Simple fresh rock deposit means strong percolation characteristics, good heap streng
Slide 9: Simple Metallurgy – Apollo's Biggest Cost Differentiator
SIMPLE METALLURGY – APOLLO’S BIGGEST COST DIFFERENTIATOR Excellent Gold Extraction Characteristics for Easily Recoverable Gold HEAP LEACHCOLUMN TESTWORK +78% gold recovery in fresh rock columns at 8mm Crush 86% gold recovery in Oxide and Transitional Columns at 8mm Crush Flat Grade Recovery Cu
Slide 10: 2025 Pre-Feasibility Study
2025 PRE-FEASIBILITY STUDY Production Target – 1.77Moz Annualised Gold Mined by Resource Inventory Initial Target: 10Mtpa for 11 years 180.0 (+3yrs inc. ramp up & ramp down) for 0.64 1.77Moz Au PFS Inventory 160.0 140.0 Life of mine production totals 117.4Mt 0.50 at 0.47 g/t for 1.77Moz of contain
Slide 11: Simple Metallurgy Leads to Conventional Heap Leach Processing
SIMPLE METALLURGY LEADS TO CONVENTIONAL HEAP LEACH PROCESSING Full Scale Adjusted Stacking and Recovery Parameters in PFS EFFICIENT HEAP LEACHING OF FREE GOLD EASILY LIBERATED FROM QUARTZ VEINS BY HPGR CRUSH TO 8mm P100: PFS uses 73.7% recovery & 160-days Stacking Schedule – Competitive Kinetics
Slide 12: PFS Economics – A Margin x Volume Business
PFS ECONOMICS – A MARGIN X VOLUME BUSINESS Bulk Mining & Processing Delivers Economies of Scale Low Cost = A$20.36/t Margin x Large Volume Excavator – 29 m3 Bucket (10Mtpa Run Capacity) = Impressive Free Cash Flow Generation • C1 Cost A$2,369/oz A$M A$ /t Processed A$ /oz Payable (US$1,534/oz) Minin
Slide 13: Capital Cost and Efficiency
CAPITAL COST AND EFFICIENCY Processing – Infrastructure; Capital Investment in Efficiency and Consistent Quality of Product to Pad • Base Load 10Mtpa – 30Ktpd Plant and Infrastructure • A$472M Capex Paid Back in 2.3 Years at A$4,300 Base Case Rendered Visualisation of Apollo Hill Gold Project PFS De
Slide 14: Pre-Feasibility Study – A Financial Result
PRE-FEASIBILITY STUDY – A FINANCIAL RESULT Robust Financials at A$4,300/oz Gold base case, a Healthy Margin The Project demonstrates outstanding financial outcomes including: 2,100 2,000 1,900 1,800 • a Project EBITDA of A$2.5B 1,700 1,600 1,500 • a free cash flow of more than A$1.9B 1,400 1,300 1,2
Slide 15: Pre-Feasibility Study – Sensitivity Analysis
PRE-FEASIBILITY STUDY – SENSITIVITY ANALYSIS Gold Price – Impact on NPV and IRR The base load Apollo Hill asset can drive sustainable long-term cash flow with potential for outstanding financial outcomes 4,000 250% 3,500 200% 3,000 Current Gold Price ~A$6,000 2,500 150% IRR (%) 2,000 PFS Base Case 1
Slide 16: Resource Comparison – Heap Leach Global Stage
RESOURCE COMPARISON – HEAP LEACH GLOBAL STAGE Arrived in a Globally Important Peer Group 0.8 Current Resources firmly place Apollo Florida Canyon, USA Hill in bulk tonnage economic space: 0.7 Soledad Mountain, USA Andean Precious Metals Integra Resources Apollo Hill, AUS 2.95Moz Saturn Metals 0.6 0.
Slide 17: Resource Growth as Geological Patterns Emerge
RESOURCE GROWTH AS GEOLOGICAL PATTERNS EMERGE Orthogonal Gold Trends 3D Oblique View Illustration shows: • June 2026 Mineral Resource Block Model >0.75g/t Au • June 2026 Mineral Resource Constraining Pit shell • July 2025 Mineral Resource Constraining Pit shell Drilling results reported in ASX Annou
Slide 18: New Higher-Grade Extensional Intersections
NEW HIGHER-GRADE EXTENSIONAL INTERSECTIONS Lode Gold Architecture; Exploration Intersections show Extensional Potential to the North 3D Oblique View Illustration shows: • June 2026 Mineral Resource Block Model >0.75g/t Au Drilling results reported in ASX Announcements dated: • June 2026 Mineral Reso
Slide 19: The North
THE NORTH Assays Pending from First Phase AC, RC and Diamond Drilling (5,000m) 3D Oblique View Illustration shows: • June 2026 Mineral Resource Block Model >0.75g/t Au Drilling results reported in ASX Announcements dated: • June 2026 Mineral Resource Constraining Pit shell Hole AA90 10/01/2018 (Pros
Slide 20: The North – Next Steps
THE NORTH – NEXT STEPS 10,000m of Resource Focused RC and Diamond Drilling Planned Planned Drill Hole Program 'The North' Orange Drill Holes Extensional Resource RC Holes; Red Drill Holes Infill Resource RC Holes 3D Oblique View Illustration shows: • June 2026 Mineral Resource Block Model >0.75g/t A
Slide 21: The South
THE SOUTH Geological System Extends South – 10,000m of AC, RC and Diamond Drilling Planned 3D Oblique View Illustration shows: • June 2026 Mineral Resource Block Model >0.75g/t Au • June 2026 Mineral Resource Constraining Pit shell Note: Live Geological Interpretation and 3D Animation in VRIFY Durin
Slide 22: Open for Growth in Multiple Directions and at Shallow Depths
OPEN FOR GROWTH IN MULTIPLE DIRECTIONS AND AT SHALLOW DEPTHS Drilling results reported in ASX Announcements dated: Hole AA90 10/01/18 (Prospectus), AHRC1581 8/04/26, Hole AHRC1292 13/08/25 At Scale: 2.83Moz Resource against St George’s Terrace (Perth, WA) 22
Slide 23: Regional Opportunities
REGIONAL OPPORTUNITIES Brown Field Prospects and Greenfield Target Areas ~1,000km2 land package, large continuous gold system, large tracts of ground still untested, further regional exploration drilling (20km planned) 325000E 350000E 375000E 400000E 425000E 450000E 475000E Sunrise Dam Apollo Hill 2
Slide 24: Development Plan
DEVELOPMENT PLAN Timeline To Production 2026 2027 2028 Definitive Feasibility Study Financing & Procurement Regulatory Approvals Construction & Commissioning Ongoing Drill Bit Strategy & Results Reporting Note: Indicative timetable, subject to change & refinement. Operations subject to permitting, a
Slide 25: Appendix A: Mineral Resource – Apollo Hill Gold Deposit
APPENDIX A Mineral Resource – Apollo Hill Gold Deposit Measured, Indicated & Inferred Mineral Resource Ounces with Time: Mineral Resource Tonnes Au Au metal 3,000,000 2,830,000 Classification Oxidation (Mt) (g/t) (Kozs) Oxide 0.1 0.43 1 2,500,000 2,239,000 Measured Transitional 0.7 0.57 13 2,030,000
Slide 26: Appendix B: Ore Reserve – Apollo Hill Gold Deposit
APPENDIX B Ore Reserve – Apollo Hill Gold Deposit Mineral Reserve Tonnes Au Au Metal Oxidation Classification (Mt) (g/t) (koz) Oxide 0.0 0.56 0 Proven Transitional 1.4 0.54 24 Fresh 3.4 0.49 54 Subtotal 4.8 0.51 78 Oxide 0.6 0.50 9 Probable Transitional 7.4 0.45 108 Fresh 91.9 0.47 1,391 Subtotal 99
Slide 27: Appendix C: Resource Comparison – Peer Group Data
APPENDIX C Resource Comparison – Peer Group Data Mineral Resource Measured Indicated Inferred Total Source Company Desposit Stage Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces 1 Kinross Gold Corporation Bald Mountain Production 5,678,000 1.00 188,000 139,266,000 0.5
Slide 28: Appendix D: PFS Sensitivity Analysis
APPENDIX D PFS Sensitivity Analysis Gold Price (A$/oz) 3,500 3,800 4,000 4,300 5,000 5,500 6,200 8,000 NPV8% A$M 379 601 750 973 1,493 1,864 2,384 3,721 NPV5% A$M 539 808 987 1,256 1,883 2,152 2,958 4,571 IRR % 25 34 41 51% 58 94 123% 146% Payback years 4.2 3.4 3.0 2.3 1.8 1.6 1.3 0.9 Annual EBITDA